An increasing incidence of fractures, supplemented with other factors such as increasing expenditure on healthcare, and more sports injuries being reported, will take the global orthopedic trauma devices market to US$9.4 billion by 2020, says Persistence Market Research in its latest report.
New York, NY -- (SBWIRE) -- 09/05/2017 -- The report, titled 'Global Market Study on Orthopedic Trauma Devices: External Fixator to Witness Highest Growth by 2020', notes that orthopedic trauma devices made up a US$ 5.7 billion market in 2013. The market will have a CAGR of 7.2% from 2014 through 2020, the report further states.
As clinical outcomes improve, paving the way for more patients to undergo treatments that use orthopedic trauma devices, companies in the global orthopedic trauma devices market will find new opportunities for growth. However, PMR analysts recommend companies to devise strategies to face challenges in the form of a low degree of awareness among patients about the use of orthopedic trauma devices and the absence of adequate health insurance coverage for patients in developing countries.
The key trends that PMR analysts identify and elaborate upon in the report are: an increase in the number of mergers and acquisitions and a growing preference for the use of bioabsorbable internal fixators as opposed to conventional metallic fixators.
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For the purpose of this study, PMR analysts have segmented the global orthopedic trauma devices market on the basis of type of fixator (internal and external), type of internal fixator (intramedullary nail, plate and screw system, and intramedullary screw), composition (bioabsorbable and metallic), and geography (North America, Europe, Asia Pacific, and Rest of the World).
Internal fixators constituted the largest segment, by type, in the global orthopedic trauma devices market. The market for orthopedic trauma devices is expected to register a CAGR of 6.8% from 2014 to 2020, say PMR analysts. Among internal fixators, the use of plate and screw systems is noticeably higher than intramedullary nails and screws. The plate and screw systems market is expected to exhibit a healthy 7.1% CAGR from 2014 through 2020.
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The report's findings indicate that the Asian region is on course to reporting the fastest growth rate in the global orthopedic trauma devices market because of an increased aging population here and the establishment of improved trauma surgery centers. In 2014, North America was seen to be the largest regional market.
On the competitive scenario, the report finds that companies are tweaking their product portfolios to include a variety of bioabsorbable fixtures in line with the current market trend. The PMR report states that the bioabsorbable fixators market will have a CAGR of 8.4% through the forecast period of the report. DePuy Synthes, owned by Johnson & Johnson, currently holds an appreciable stake in the global orthopedic trauma devices market.
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According to the PMR report, the company led the market with a share of 47.3% in 2013. Other market majors include: Smith & Nephew, Stryker Corporation, Orthofix Holding Inc., and Zimmer Holding Inc. The global orthopedic trauma devices market is characterized by an increasing interest in mergers and collaborations.
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